Source:businessinsider.com

6 Things to Know before Buying a Property in the Caribbean

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People do not even understand how beautiful the entire planet Earth is. It is not a secret that today’s society has many problems. Despite financial issues, we have a problem with climate changes, air pollution, etc. However, certain spots on the planet look like heaven on Earth. Because of that, we would like to talk more about the Caribbean.

It is hard to find a person that would not want to travel to the Caribbean. Many of you have probably seen many photos of beaches and nature that you can find there. If those photos seemed beautiful to you, be sure these places are even more beautiful in reality. Unfortunately, the lack of cash flow is usually why people do not come here more often.

Source:pinterest

Yet, if you lucky enough to have enough money, buying a property here would be a smart move. Having a piece of paradise would mean that you manage to achieve some of the primary goals. Yet, achieving that goal is not easy, and you need to avoid making certain mistakes. That is why we want to talk about things to know before buying a property in the Caribbean. We recommend you carefully each part of our article. Each tip will make the entire process easier for you. Let’s find them out together.

1. Research, Research, and Research

There is a good reason why we repeated the word “research” three times. That piece of advice especially counts for people that have never been there. You need to invest a bit more time to find a suitable property. For instance, the house you want to buy needs to be near shops, and other facilities. Despite that, properties near the beaches are the most beautiful ones. Imagine that you wake up, and the first thing you see is sand, sea, and sky. We are you have the goal of that type. Yet, not all the properties will ensure you that.

On the other hand, some people have money, but they simply can’t move to the Caribbean. The reason for that is simple; they can’t leave their job. Because of that, many people decide on coming here when they retire. Because of that, you should chase for places that have adequate health and other support services.

Postcards are not something you should focus on. Instead of that, turn on Google’s website and find out more about different factors. For instance, check the development of infrastructure including phone, internet, electricity, etc.

2. Ensure that You Have Enough Money

Source:businessinsider.com

Budget plays a key role here. We understand your desire to move to the Caribbean. However, trying to do that without the necessary money is impossible. Because of that, you need to have a good plan a put all the costs you will have on a piece of paper.

Fortunately, there is a solution that you can use. Finding the Caribbean may be the best possible alternative you will have. However, lenders around the world have similar or identical requirements. You need to show enough proof that will confirm you are capable of repaying the loan. Because of that, research which documents you need to provide to the lender. It is recommendable that you spend a bit more time on that. Your property purchasing depends on the offer you will get from the lender.

3. Collaborate with Real Estate Businesses

As we said, there are many documents that you need to prepare. Finding and purchasing adequate property is a process that lasts because collaborating with real estate companies would be the right choice. These agents are familiar with all the regulations and laws in the Caribbean. You may try to research them on your own. However, keep in mind they are not the same on all the islands inside the country.

Despite that, the real estate agent is familiar with the entire island. Because of that, he will know where to look for the property you plan to purchase. He also is connected with many locals that will give him better information. Internet is powerful, but it sometimes won’t tell you the full story. If this seems like a good option for you, we recommend you check caribbean-escape.com. It is a real estate company that has a long tradition on the island. You should chase to collaborate only with professionals. Despite that, you will also manage to see some of the beautiful properties online.

Source:repropertiescaribbean

4. Get Ready to Find Out the True Costs

Let’s imagine that the property you want to purchase cost 20 thousand dollars. You calculated all the costs you have and realized that you could afford to pay that. Yet, there is one small problem that you need to be aware of. These 20 thousand dollars are not the real costs of buying. First of all, there are certain real estate commission fees that you will have to cover. Despite that, there are also some taxes every person that buys property needs to pay. Believe it or not, some islands even require certain upfront payments. Because of that, you need to research all the costs you will potentially have. You can only make useful calculations when you find them out all.

5. Research the Foreign Exchange Rates

The exchange rates are not the same across the Caribbean. That is the reason why some properties are priced in Euros, British Pounds, and Dollars. Your task will be to get familiar with local exchange rates. Certain fees that you have to pay will still be prices in local currency. Of course, you can let your attorney do that instead of you. However, if you don’t hire one, researching them is going to be mandatory.

6. Think about the Weather

Source:nytimes.com

Before we end the article, the last thing we need to talk about is the weather. You probably think that the weather is beautiful across the Caribbean. However, some of the islands have a lot of rainy days as well. With that in mind, you should carefully choose the characteristics of your property. You need to have a house that can stand a flood. Be especially careful if you plan to purchase a property near the ocean. Those properties often require additional maintenance fees.


Ricardo is a freelance writer specialized in politics. He is with foreignpolicyi.org from the beginning and helps it grow. Email: richardorland4[at]gmai.com